Galaxy Digital CEO Mike Novogratz predicts that upcoming “market events” will drive Bitcoin (BTC) and other cryptocurrencies to new heights. Consolidation Phase According to Novogratz, Bitcoin, Ethereum (ETH), Solana (SOL), and other digital assets are currently in a consolidation phase, trading within a range of $55,000 to $75,000. This phase is expected to continue until…
On-chain analyst Willy Woo predicts a major Bitcoin rally in the coming months, potentially breaking records. Reasons for Optimism Increased global liquidity: This tends to benefit risky assets like Bitcoin. Bitcoin halving: The halving event, which occurred in April, removes inefficient miners, reducing sell pressure and potentially boosting demand. Timing Woo expects the rally to…
Inflation Data Surprise The Consumer Price Index (CPI) data released on May 15 showed inflation was lower than expected, coming in at 0.3% instead of the forecasted 0.4%. This suggests that inflation may be slowing down in the US. Institutional Investments Reports indicate that notable institutions are investing heavily in Bitcoin. The State of Wisconsin…
Hashrate Hiccup or Miner Exodus? After a surge in Bitcoin’s hashrate (computational power) following the block reward halving in April, it has unexpectedly dropped by 20%. This has sparked speculation about a potential “miner capitulation,” where less efficient miners are shutting down operations due to reduced profits. Hash Ribbons Flash Warning Hash Ribbons, a technical…
Global Money Supply: A Key Indicator According to James Coutts, Bitcoin’s future looks bright due to shifts in global liquidity. He highlights the Global Money Supply (M2) as a crucial factor, as it represents the amount of money in circulation. Momentum is Key Coutts emphasizes that the rate of change in M2 is more important…
Cardano founder Charles Hoskinson has teased the upcoming “Genesis” upgrade, promising significant enhancements to the blockchain’s security. Ouroboros Genesis: A Deeper Dive Genesis is a major update to Cardano’s Ouroboros consensus mechanism, which ensures that all participants agree on the same version of the blockchain. It introduces several new features to protect nodes, especially when…
El Salvador’s bold bet on Bitcoin has paid off big time. Since making the cryptocurrency legal tender, the country has raked in millions in profits. Bitcoin Profits Soar As Bitcoin hit a new high of $66,000, El Salvador’s profits soared. The country has amassed over 5,751 Bitcoin, worth around $379 million. Mining Success El Salvador…
Background: Tornado Cash in the Spotlight Tornado Cash, a crypto mixing service, lets users hide the origins and destinations of their transactions. This has made it popular with privacy advocates, but it’s also raised concerns about its use in illegal activities. Pertsev’s Arrest and Conviction In August 2022, Alexey Pertsev, the developer behind Tornado Cash,…
Regulatory Scrutiny Nigeria’s currency, the naira, is in a downward spiral, and the government blames cryptocurrency for its woes. The Central Bank of Nigeria (CBN) has accused crypto platforms of manipulating the currency’s value and undermining monetary policy. Exchanges Under Fire Major crypto exchanges like Binance, OKX, and now KuCoin have suspended naira support on…
Crypto analyst Credible believes NEAR Protocol (NEAR) is mirroring the recent surge of the memecoin Pepe (PEPE). He notes that the market structure of both coins is similar. Credible suggests that NEAR could reach $9, with a potential upside of 30%. However, he cautions that this bullishness does not extend to Pepe or other large-cap…
